Third party money transfer services are used extensively to move funds, typically between individuals or between an individual and a business. While in the past such services required the sender to deposit cash or cash-equivalent funds in person with a representative of a third party money transfer service provider, such is no longer the case. Individuals are now able to initiate money transfers from any of a number of platforms (e.g., the Internet, unmanned kiosks, automated teller machines, mobile devices, etc.) using a variety of funds sources (pre-paid accounts, virtual wallets, stored value cards, etc.) and transferring to various destinations (recipient accounts, virtual wallets, ATMs, etc.). Accordingly, this level of convenience has increased the popularity of money transfers using third party services such as that provided by Western Union of Englewood, Colo.
With the increased popularity of money transfer services has come increased scrutiny. Greater regulatory attention has been focused on money transfer services, and providers of such services are obligated to comply. Two examples of compliance requirements sources include Anti-Money Laundering and Anti-Terrorist Financing. As a result, money transfer service providers are engaged in an ongoing struggle to increase the convenience of money transfer services while complying with a growing body of compliance requirements.